On April 16, 2024, the Consumer Financial Protection Bureau ("CFPB" or "Bureau") issued a rule to update its procedures for designating nonbank covered persons for supervision. Section 1024(a)(1)(C) of the Consumer Financial...more
On February 23, the Consumer Financial Protection Bureau announced its first decision designating a nonbank lender for supervision based on potential risk to consumers. As the CFPB emphasized in its press release, however,...more
Nonbank lenders, fintech firms, and smaller entities that do not meet the CFPB's threshold of a "larger participant" in defined areas have avoided CFPB supervision, but that is changing. On Monday, the CFPB issued a press...more